reement (other than termination payments not constituting accrued and unpaid periodic payments through the termination date); (c) with respect to the first Distribution Date. any remaining Closing Date Interest Deposit (other than the amount (if any) designated by the Investment Manager as Principal Proceeds on or before

0.005625% of the Portfolio Principal Balance as of the first day of the Due Period immediately preceding such Distribution Date (or, with respect to the first Distribution Date, 3 ING IM CLO 2011-1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0056083 CONFIDENTIAL SDNY GM_00202267 EFTA01365368

the Payment Account for application pursuant to Section 11.1 and in accordance with the Distribution Date Instructions (including, with respect to the first Distribution Date, any remaining Closing Date Interest Deposit for application as Interest Proceeds or, to the extent designated by the Investment Manager, Principal

y (except as otherwise noted in such report) of (i) the Distribution Date Reports during the twelve months preceding such date (or, with respect to the first Distribution Date, during the period since the Closing Date) and (ii) the Aggregate Principal Balance of the Pledged Obligations as of the immediately preceding Dete

0.005625% of the Portfolio Principal Balance as of the first day of the Due Period immediately preceding such Distribution Date (or, with respect to the first Distribution Date, 3 ING IM CLO 2011-1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0072051 CONFIDENTIAL SDNY_GM_00218235 EFTA01376156

greement (other than termination payments not constituting accrued and unpaid periodic payments through the termination date); (c) with respect to the first Distribution Date, any remaining Closing Date Interest Deposit (other than the amount (if any) designated by the Investment Manager as Principal Proceeds on or befor

the Payment Account for application pursuant to Section 11.1 and in accordance with the Distribution Date Instructions (including, with respect to the first Distribution Date, any remaining Closing Date Interest Deposit for application as Interest Proceeds or, to the extent designated by the Investment Manager, Principal